Zimbabwe: Money for nothing

Late last year, Reserve Bank of Zimbabwe Governor, Gideon Gono, introduced three high denomination bearer cheques, Z$250,000 (about US$0.12 at the parallel market rate of US$1 dollar to Z$2 million), Z$500,000 (US$0.25) and Z$750,000 (US$0.37), after initially announcing the phasing out of the Z$200,000 (US$0.10) bearer cheques, which he said were now in the hands of "cash barons" who were selling the notes as a commodity.

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